Rescue

4 years ago

Europe Offers to Bail Out Spain

Denis Doyle, Getty Images

After days of speculation, government officials in Spain announced Saturday that the country will seek a bailout, becoming the fourth European country to do so. Finance ministers for the 17 euro-zone countries spoke on Saturday to discuss plans to help Spain recapitalize its banks, and European finance officials offered as much as $125 billion (€100 billion) to help prevent the debt-crisis contagion from spreading even further. Politicians and financial experts in Spain and other countries that share the common currency have pushed for the country to act quickly to help stabilize the beleaguered euro zone before Greek elections on June 17. Meanwhile, Irish officials have begun clamoring for a renegotiation of the terms of its bailout to match those of Spain.